US oil may hit a ceiling at $79.19 per barrel. If it breaks above that level, it could rise to between $79.96 and $81.
The rise from the low of $70.08 on December 9 has kept going. There are three waves in it.
The current wave C has gone above $78.07, which was the 61.8% projection level. There’s a chance it could go up to $81.
Related: Stocks and oil prices keep falling as fears of a recession grow.
If the price falls below $78.07, it could go down to $77.16.